Israeli SPAC Moringa raises $100m on Nasdaq

Ilan Levin, Moringa CEO Photo: PR

The special purpose acquisition company will now look for an Israeli tech company to merge into.

Israeli special purpose acquisition company (SPAC) Moringa Acquisition Corp. has $100 million on Nasdaq and will now seek an Israeli tech company to merge into.

Blank check company Moringa successfully issued 10,000,000 units at $10 per unit and will list on Nasdaq under the MACAU ticker. EarlyBirdCapital Inc. and Moelis & Company acted as joint book-running managers for the offering. They have been granted a 45-day option to purchase up to an additional 1,500,000 units at the initial public offering price.

Moringa is led by former 3D printing company Stratasys CEO Ilan Levin, who serves as chairman and CEO of the company and CFO Gil Maman.

Going public through a SPAC merger rather than an IPO are all the rage at the moment. Over the past few months Israeli auto-tech companies REE, Otonomo and Innoviz have all announced SPAC mergers at company valuations of $3.1 billion, $1.4 billion, and $1.4 billion respectively and Taboola announced a SPAC merger at a company valuation of $2.6 billion.

Published by Globes, Israel business news - en.globes.co.il - on February 17, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Ilan Levin, Moringa CEO Photo: PR
Ilan Levin, Moringa CEO Photo: PR
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